BRIGHTSTAR RESOURCES LIMITED — Fund Information / Factsheet 2004

May 23, 2004

24 May 2004,

The Manager Company Announcements Australian Stock Exchange Sydney, NSW

Dear Sir / Madam,

Shareholder Newsletter

The Directors are pleased to attach for immediate release a Shareholder Newsletter, which summarises recent announcements made by the Company, includes some recent press clippings and generally reinforces the operational and strategic direction the Company is taking.

The newsletter has been mailed to all shareholders.

Yours faithfully,

Mark Pitts Company Secretary

Shareholder's Newsletter 05/04

Dear Shareholder

I have pleasure in enclosing some of our latest media releases and announcements to the Australian Stock Exchange. Also an article from Paydirt Magazine reporting on A1's presentation to the Paydirt Gold Conference held in April. The article is very complimentary of our presentation and claims that several Paydirt Conference delegates tipped A1's shares to "hit the \$3 mark"!

The ongoing excellent results released in the announcements and the upward movement in the Aussie price of gold in the past few weeks add to the financial prospects of the Company.

A1 is continuing its extensive drilling programs throughout the rest of the year at Brightstar, with an aggressive deeper RC drilling program currently underway.

Management and your Board of Directors take pleasure in keeping all shareholders informed on the Company's current activities. As you may appreciate, it is expensive to mail out to you, every announcement and report that we release. As an alternative, you can access your Company's announcements and reports on our website www.a1minerals.com.au or the Australian Stock website Exchange www.asx.com.au $(A¹)$ Minerals' code AAM). You can request to be placed on our email list through the website.

It is my pleasure to speak with you regarding any information about the Company.

Yours faithfully

JOHN WILLIAMS MANAGING DIRECTOR 21 May 2004

A1's Gold Conference Presentation Highlights: Draw a line (100km wide) through Laverton and Wiluna and you will find most of the recent multimillion ounce gold discoveries!

What would it do to A1's market capitalisation if it had a multi million ounce deposit?

It's no accident that A1's two projects, Brightstar and Narnoo, are on this linear.

Ten reasons why A1's Brightstar is showing such promise?

• Laverton area, 17 million ounces of gold ✓ discovered in last 7 years!
• "Shallow dipping, multiple-stacked lodes" model similar to all the multi-million ounce deposits mentioned above!
• Numerous thick, high grade gold intercepts
• New Discovery with a lot of upside
• Completed geochem vacuum drilling showing enlarged BrightStar Discovery Zone
• Completed 20,000metre RAB/Aircore showing new zones of economic significance over $1100m$
• Commenced RC to Drill-out zones and down dip/ down plunge
• Drilling results coming out over next 5 months
• Brightstar amenable to early stage open pit mining
• Expect more added value ✓

MORE HIGH GRADE GOLD HITS FOR A1 AT BRIGHTSTAR

A1 Minerals Media Release 18 May 2004

The Brightstar Gold Discovery in Western Australia continues to grow in stature for Perth-based explorer A1 Minerals Limited (ASX: AAM) with the latest assay results from aircore drilling completed last month returning high grades and mineralisation indicating good economics along the currently defined 1.1 km mineralised zone.

The Laverton gold explorer said today best results from the drilling included:

• 3 metres @ 12.5 g/t from 29 metres and 4 metres @ 14.7 g/t from 39 metres in the same hole $\bullet$
• 8 metres @ $6.3$ g/t from 30 metres $\ddot{\phantom{a}}$
• 7 metres $\hat{a}$ , 6.2 g/t from 62 metres $\bullet$
• 7 metres @ 5.7 $g/t$ from 2 metres
• 4 metres $\omega$ 10.3 g/t from 50 metres
• 8 metres $(a)$ 3.3 g/t from 69 metres
• 4 metres $\langle \hat{a} \rangle$ 4.7 g/t from 64 metres
• 3 metres $\omega$ 3.7 g/t. from 56 metres

All the intersections were close to the surface, at depths ranging from 2 to 69 metres. The results are of single metre resplits of previous 4 metre composite samples from the last Aircore drilling program.

A1's Managing Director, Mr John Williams, said the results were excellent, with high grades and significant widths of mineralisation intersected close to the surface providing the basis for good economics.

"Most importantly, as we indicated previously, the layers of mineralisation intersected confirm the presence of shallow dipping multiple stacked lodes at Brightstar – which reinforces the geological model outlined in our Prospectus last year," Mr Williams said. "The follow-up program of deeper RC drilling is already underway," he added.

A1's geological model for the Brightstar Project, postulates the presence of multiple, shallow dipping stacked lodes similar in style to the world-class Sunrise/Cleo and Wallaby/Just in Case deposits.

Released by: Jan Hope/Nicholas Read, Jan Hope & Partners Telephone: (+61-8) 9388-1474

On behalf of: Mr John Williams, A1 Minerals Limited Telephone: (+61-8) 9244 1400

Latest Results

Indicate Cood Feenomies

A1 looks like a first class show

If there was one presentation that made conference delegates sit up and take note it was that of A1 Minerals Ltd

After listing on the Australian
Astock Exchange only last .
December, and having to contend with wet weather (caused by the aftermath of Western Australian cyclones which disrupted drilling) in WA's North Eastern Goldfields, A1. Minerals shares have still been hovering in the mid-60 cent region.

Not bad for a 20c share according to several delegates, who added after the company's presentation "this is going to be stock that will hit \$3 mark

The interest in A1 Minerals and its stellar share performance has had much to do with the ground it holds.

Williams told his audience that the company's two projects -Brightstar and Narnoo - were located in a corridor that already hosted multi-million ounce discoveries.

These were Plutonic at the

John Williams

north-western end of the corridor, with its 8.5 million ounce discovery; Jundee, 5 million oz, Wallaby, 7 million oz, and Sunrise Dam, 10 million oz. Brightstar was less (han 60 km east of Wallaby and closer still to Granny Smith

And he posed the question: "What if A1 has a deposit of this size?"

Williams said that both the Brightstar and Narnoo prospects were on the same line as the multi-million qunce discoveries of the corridor.

"Both projects are totally under cover and seriously underexplored," he said. His comments were illustrated with a visual which showed a cross-section of the Brightstar prospect.

Drilling had returned intersections which included 12m @ 47.66 grams/tonne gold, 6m @ 17.58 g/t. 12m @ 6.04 g/t. 7m @ 7.65 g/t and 7m @ 7.09 g/t.

Williams also said there had hardly been a week (with the exception of hiccup caused by wet weather) that drilling had not taken place.

managing director John Williams.

Al had carried out drilling over an area 10 km long by 2 km wide to a depth of 5m at Brightstan and so far had completed 20,000m of RAB drilling.

"We expect a lot of upside as the area is immensely amenable. to open pit mining and will provide us with cash flow from Day 1," said Williams.

"We have only been going for four months, but already the proof is in the pudding," he added, pointing out that the company had \$3 million in the bank and had the best projects with "a lot more to come"

• Allan Francis

Paydirt Magazine May 2004